Recent international copper prices fell to $7000 a metric ton, due to the copper production costs 25-35% of PCB manufacturers, thus helps the PCB manufacturer pressure to reduce production cost. In addition, smart phones and tablet computer demand next year is still high, high proportion of different components of revenue, expected in 2012, there is still a relatively good operating performance.
Observe the fundamentals, copper foil substrate of alum (6213), photoelectric (2383), Taiwan (6274) in the third quarter profits soar more than times compared with the previous season, flexible plate plant of a county (6269) soft EPS to 5.07 yuan, xu (3390) up to 3.4 yuan, etc., in the fourth quarter and next year's performance is not pessimistic.
Upstream material copper foil substrate PCB factory this year due to the international copper prices down to wash, heavily increase the difficulty of the cost control, in order to improve the financial structure, happen to coincide in succession to the base material of environmental protection and halogen-free base material development. In the first three quarters of this year's earnings, photoelectric success on a smart phone, tablet computer demand boom, the first three quarters combined gross margin was 16.69%, and the highest level of the champions league, league alum first three seasons of consolidated gross margin was 12.64%, 15.51%, but also lower than the same period last year by the rising cost pressure, after-tax profit is 941 million yuan, a 25% cut in, EPS3.14 yuan.
Looking forward to next year, soft plate demand remains strong, observe the general feature phones using first-order HDI layer (layer 1 HDI + 2 traditional HDI board + 1 layer), intelligent mobile phone use 2 order (2 layer HDI + 2 traditional HDI board + 2 layer) or 3 order HDI (layer 3 HDI + 2 + 3 traditional plate layer HDI), mobile phone use of HDI circuit is quite closely. Due to the complexity of intelligent mobile phone function, using many components, the need to soft board connected motherboard and components of the circuit, thus, soft board outlook remains bullish.
Observation soft board factory in the first three quarter, Taiwan county EPS to 5.07 yuan in the champions league, xu soft to 3.4 yuan as the runner-up, jia yi (6153) to 2.9 yuan, among them, in the third quarter with Taiwan county xu soft revenue and profit are rewriting history record, YiJia (2402) has successfully turned into profit, end even three quarters of losses.
Jia lian yi in early October due to national holiday, monthly sales will decline, rising again in November, December, decline in stock. Since the fourth quarter of the new product number very much, under the yield has not been stable, the gross margin will still be affected, but Taiwan currency and copper prices tumbled, can offset part of the negative impact. Legal person forecast fourth-quarter revenue of 3.04 billion yuan, season the after-tax 370 million yuan, a 5% cut, eps to 1.15 yuan.
A county in the fourth quarter of old products continue to face pressure to cut prices, and there is no new product, the average selling price and gross profit margins will decline, but the new product yield rising and the Taiwan currency, expected decline is limited. Legal person forecast fourth-quarter revenue of 1.89 billion yuan, profits of 310 million yuan, the eps to 1.76 yuan, in addition, the mainland new factory will be completed at the end of the first quarter of 2012 production, production capacity increased by 30%, for subsequent growth momentum.
